What does consumer surplus represent in a market characterized by efficiency?

Consumer surplus represents the difference between what consumers are willing to pay for a good or service and what they actually pay. In a market characterized by efficiency, this surplus indicates that resources are being allocated in a way that maximizes total satisfaction for consumers. For example, if someone is willing to pay $10 for a book but buys it for $7, their consumer surplus is $3, reflecting the extra value they receive. This surplus shows how much benefit consumers gain from purchasing goods at lower prices than they are willing to pay. Overall, a high consumer surplus in an efficient market suggests that consumers are happy with their purchases and that the market is functioning well.